This new VM replaces the previously available Visual Studio 2012 RC ALM virtual machine to use the final Visual Studio 2012 RTM releases.

This is the most comprehensive ALM virtual machine yet. It includes 20 hands-on-labs / demo scripts. 8 of these labs highlight features/scenarios which are brand new in Visual Studio 2012, and the remaining 12 of these scenarios were upgraded from the older Visual Studio 2010 ALM virtual machine.

@Nagaraj, the only time I have seen this issue is when people restart the virtual machine after booting it for the first time. Due to the date/time "hack" I have in the VM to fool TFS into thinking that it's mid-May (to support the Agile project management scenarios and show an iteration mid-flight) this creates problems if you boot the VM, make edits to anything related to TFS, then reboot.

I suggest you start from a fresh extract of the VM and be careful not to reboot after making any updates to TFS data. You are allowed to reboot if you want for activation or if Windows detects additional hardware updates it needs to install, but after that you should rely on snapshots if you need to roll back to an earlier point in time.